S3 Capital has provided a $255 million construction loan for the initial phase of a major residential development in Edgewater, New Jersey. The project, located at 615 River Road, is being developed by the Maxal Group and marks their latest effort along the Hudson River waterfront following previous projects such as Harbor 1500 in Weehawken.
The first phase will feature a 25-story luxury rental building with 381 apartments, ground-floor retail space, and more than 500 parking spaces. Once completed, the entire development is expected to deliver over 1,200 units, a public waterfront park spanning 2.5 acres, and a new ferry terminal providing direct service to Manhattan’s West Side. This ferry terminal will offer residents a commute of approximately 15 minutes to Hudson Yards.
The building’s design comes from FXCollaborative with interiors by CetraRuddy. Amenities planned for the project include a golf simulator and spa among others, totaling around 25,000 square feet. The units are aimed at professionals and families who may be seeking alternatives to Manhattan housing prices and include layouts that accommodate remote work needs.
Bruce Sturman leads Maxal Group on this project. The company describes the Edgewater development as an upgrade within the local luxury market, emphasizing features such as floor-to-ceiling glass windows offering skyline views and proximity to retailers like Whole Foods and Trader Joe’s.
Galaxy Capital arranged the financing for the project.
Edgewater’s planning board approved the plans in 2021. The developers previously faced legal challenges regarding affordable housing requirements starting in July 2015 but reached a settlement two years later.
Steven Jemal of S3 Capital commented on the value of the new ferry terminal: “The project’s ferry terminal would be a ‘lasting value’ for the town.” Robert Schwartz, co-founder of S3 Capital, said: “The firm’s ability to underwrite and deploy capital quickly” was demonstrated in this transaction.
S3 Capital has stated that this investment aligns with its broader strategy of supporting “transit-oriented residential developments adjacent to major city centers.”
